South African Rand, Stocks Make History With Bumper August Gains

South Africa’s currency is on track for its biggest August gain in two decades, with stocks not far behind, as a weakening dollar spurs demand for high-yielding assets outside the US.

The rand is up 3% against the greenback this month, the best performance for August since 2005. And the country’s equity benchmark has clocked a gain of 3.4%, the most for the month since 2006.